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STRO

Sutro Biopharma

$9.79

-0.44 (-4.30%)

, CELG

Celgene

$66.61

-1.52 (-2.23%)

07:18
12/19/18
12/19
07:18
12/19/18
07:18

Sutro Biopharma earns $10M milestone payment from Celgene

Sutro Biopharma (STRO) announced that the company earned $10M in a milestone payment from Celgene (CELG) triggered by the successful development of a dry powder XtractCF formulation, using spray drying technology, which is well established in the pharmaceutical industry. Dried XtractCF is a significant advancement, facilitating the commercial-scale manufacturing of protein therapeutics, using Sutro's proprietary cell-free XpressCF technology for its fully owned and partnered programs. This collaboration was originally signed in September 2014 and amended in August 2017. According to the terms of the agreement, Celgene acquired worldwide rights to one collaboration program to reach IND status and maintains an option to obtain worldwide rights to a second collaboration program. Sutro will retain U.S. development and commercialization rights and Celgene will retain ex-U.S. rights for the remaining collaboration programs. Sutro is entitled to development and regulatory milestone payments and royalties from Celgene.

STRO

Sutro Biopharma

$9.79

-0.44 (-4.30%)

CELG

Celgene

$66.61

-1.52 (-2.23%)

STRO Sutro Biopharma
$9.79

-0.44 (-4.30%)

10/22/18
COWN
10/22/18
INITIATION
COWN
Outperform
Sutro Biopharma initiated with an Outperform at Cowen
Cowen analyst Boris Peaker initiated Sutro Biopharma with an Outperform rating without a price target. The analyst notes the company is an early stage company that uses its XpressCF platform to generate optimized biologics. Peaker said the platform is further validated with several partnerships.
10/22/18
WEDB
10/22/18
INITIATION
Target $20
WEDB
Outperform
Sutro Biopharma initiated with an Outperform at Wedbush
Wedbush analyst David Nierengarten started Sutro Biopharma (STRO) with an Outperform rating and $20 price target. The analyst believes the shares are undervalued based on his view of the value of the company's XpressCF cell-free manufacturing platform. Key advantages of the platform include its ability to expedite drug development due to more efficient and rapid production of proteins, and its ability to incorporate non-natural amino acids to create homogeneous ADC drug products and better-optimized bispecifics and cytokine-based therapeutics, he contends. Nierengarten also notes that Sutro validated the potential breadth of its platform with three collaborations with industry partners, namely Celgene (CELG), Merck (MRK) and EMD Serono, which he expects to generate significant long-term value for the company.
10/22/18
JMPS
10/22/18
INITIATION
Target $28
JMPS
Outperform
Sutro Biopharma initiated with an Outperform at JMP Securities
JMP Securities analyst Konstantinos Aprilakis started Sutro Biopharma with an Outperform rating and $28 price target, stating that he believes the company is poised to grow into an industry leader in the discovery and development of protein therapeutics. Sutro's XpressCF platform is "truly unique and years ahead of the competition," while the company is "about more than just discovery" given its lead asset STRO-001 entered a Phase 1 study in patients with non-Hodgkin lymphoma and multiple myeloma earlier this year, Aprilakis said.
10/22/18
PIPR
10/22/18
INITIATION
Target $23
PIPR
Overweight
Sutro Biopharma initiated with an Overweight at Piper Jaffray
Piper Jaffray analyst Edward Tenthoff started Sutro Biopharma with an Overweight rating and $23 price target. The company's XpressCF is a cell free platform that can produce proteins faster and cheaper than traditional approaches, Tenthoff tells investors in a research note. The analyst calls the platform "revolutionary."
CELG Celgene
$66.61

-1.52 (-2.23%)

12/03/18
PIPR
12/03/18
NO CHANGE
PIPR
Overweight
Regeneron's REGN1979 'best in show' thus far at ASH, says Piper Jaffray
Piper Jaffray analyst Christopher Raymond calls Regeneron Pharmaceuticals' (REGN) REGN1979 the "best in show" thus far at this year's American Society of Hematology meeting. The analyst says this weekend's updates were largely consistent with his expectations except for the "overwhelmingly impressive data" from REGN1979 in relapsed or refractory follicular lymphoma. This asset could serve as a "significant value driver" for Regeneron shares and the stock is likely to be up sharply today, Raymond tells investors in a research note. He adds that REGN1979 is currently not in his Regeneron model. Following the weekend's updates the analyst keeps Overweight ratings on BioMarin (BMRN) and Regeneron and a Neutral rating on Celgene (CELG).
11/28/18
GSCO
11/28/18
NO CHANGE
Target $284
GSCO
Buy
Goldman Sachs sees Bluebird Bio as 'compelling' buy for ASH, 2019
Goldman Sachs analyst Salveen Richter notes that at the American Society of Hematology meeting, Bluebird Bio (BLUE) will present data across its pipeline, with the key focus on Bluebird Bio/Celgene's (CELG) lead value driver CAR-T bb2121 in r/r MM which he expects will maintain its first-mover advantage and potentially best-in-class status in the context of BCMA competitors. Additionally, Richter notes that Bluebird Bio's recent pull back has created an attractive entry point to buy ahead of ASH and into a compelling de-risked genomic medicine company positioned to capitalize on its multi-modality approach to drug discovery to support the next leg of the story as he looks to the unveiling of new programs in 2019-plus and three likely drug approvals in 2019/2020 with additional launches post. He reiterates a Buy rating and $284 price target on Bluebird Bio shares.
11/26/18
JEFF
11/26/18
NO CHANGE
Target $115
JEFF
Buy
Celgene trades at lowest P/E in Biotech history, says Jefferies
At 6.5 times 2019 estimated earnings, Celgene trades at the lowest price-to-earnings multiple in the history of Biotech, Jefferies analyst Michael Yee tells investors in a research note. The stock has dropped since the Q3 report partially on some worries around the Juno deal but largely on Street sentiment worsening and lack of clarity on what's the catalyst other than it's cheap, which isn't a catalyst in a bear market, Yee tells investors in a research note. The analyst thinks "this changes as precedent suggests," but he admits that the "timing is difficult." Celgene is trading at the analyst's "no-pipeline" value of $65 per share. The stock "could be one to recover on an improved biotech tape," says Yee, who keeps a Buy rating on Celgene with a $115 price target. The stock closed Friday down 89c to $66.65.
11/19/18
CANT
11/19/18
NO CHANGE
Target $68
CANT
Overweight
Tesaro could be worth $89-$97 per share in buyout, says Cantor Fitzgerald
Cantor Fitzgerald analyst Alethia Young believes Tesaro (TSRO) could be valued at $89-$97 per share in a takeout scenario. The stock closed Friday up 31%, or $8.37, to $34.96 after Bloomberg reported that the company was exploring a sale after receiving some interest. The press article could be a way of garnering interest for the company beyond potentially initial interest, Young tells investors in a research note. In the past, she thinks Tesaro has been a potential takeout interest from biopharmaceutical companies. Companies like Amgen (AMGN), Gilead (GILD), and Celgene (CELG) have cancer platforms that could add a PARP inhibitor and benefit from Tesaro's various immuno-oncology pipeline assets, Young writes. She reiterates an Overweight rating on Tesaro with a $68 price target.

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BA

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AZN

AstraZeneca

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LLY

Eli Lilly

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AZN

AstraZeneca

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BA

Boeing

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4.25 (1.16%)

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BBIO

BridgeBio

$28.26

0.55 (1.98%)

, EIDX

Eidos Therapeutics

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ADAP

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CELG

Celgene

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ETNB

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DIS

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MDT

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BR

Broadridge

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MCD

McDonald's

$193.95

-0.02 (-0.01%)

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$112.11

2.9 (2.66%)

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MCD

McDonald's

$193.95

-0.02 (-0.01%)

MDT

Medtronic

$112.11

2.9 (2.66%)

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AT&T

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AMGN

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